Ginkgo Bioworks Holdings Beneish M-Score Historical Data
The historical data trend for Ginkgo Bioworks Holdings's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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Ginkgo Bioworks Holdings Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
- |
-6.39 |
-4.42 |
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Ginkgo Bioworks Holdings Quarterly Data
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|
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
-6.39 |
-5.85 |
-5.35 |
-4.30 |
-4.42 |
Competitive Comparison
For the Biotechnology subindustry, Ginkgo Bioworks Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Ginkgo Bioworks Holdings Beneish M-Score Distribution
For the Biotechnology industry and Healthcare sector, Ginkgo Bioworks Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ginkgo Bioworks Holdings's Beneish M-Score falls into.
Ginkgo Bioworks Holdings Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Ginkgo Bioworks Holdings for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.7176 | + | 0.528 * 0.7291 | + | 0.404 * 1.0964 | + | 0.892 * 0.5264 | + | 0.115 * 0.3813 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5116 | + | 4.679 * -0.249499 | - | 0.327 * 1.0032 |
| = | -4.42 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $31.7 Mil.
Revenue was 34.755 + 55.43 + 80.568 + 80.702 = $251.5 Mil.
Gross Profit was 28.144 + 48.507 + 62.472 + 58.327 = $197.5 Mil.
Total Current Assets was $1,001.7 Mil.
Total Assets was $1,665.3 Mil.
Property, Plant and Equipment(Net PPE) was $397.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $71.6 Mil.
Selling, General, & Admin. Expense(SGA) was $385.0 Mil.
Total Current Liabilities was $163.9 Mil.
Long-Term Debt & Capital Lease Obligation was $221.8 Mil.
Net Income was -211.694 + -302.891 + -173.315 + -204.969 = $-892.9 Mil.
Non Operating Income was -46.985 + -127.75 + -3.446 + -3.687 = $-181.9 Mil.
Cash Flow from Operations was -57.831 + -73.551 + -73.533 + -90.585 = $-295.5 Mil.
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Total Receivables was $84.0 Mil.
Revenue was 98.285 + 66.398 + 144.618 + 168.405 = $477.7 Mil.
Gross Profit was 68.067 + 41.743 + 80.707 + 82.973 = $273.5 Mil.
Total Current Assets was $1,450.1 Mil.
Total Assets was $2,539.3 Mil.
Property, Plant and Equipment(Net PPE) was $718.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $44.4 Mil.
Selling, General, & Admin. Expense(SGA) was $1,429.8 Mil.
Total Current Liabilities was $173.0 Mil.
Long-Term Debt & Capital Lease Obligation was $413.3 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (31.738 / 251.455) | / | (84.026 / 477.706) |
| = | 0.126217 | / | 0.175895 |
| | = | 0.7176 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (273.49 / 477.706) | / | (197.45 / 251.455) |
| = | 0.572507 | / | 0.78523 |
| | = | 0.7291 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1001.749 + 397.224) / 1665.342) | / | (1 - (1450.079 + 718.791) / 2539.321) |
| = | 0.159949 | / | 0.145886 |
| | = | 1.0964 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 251.455 | / | 477.706 |
| | = | 0.5264 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (44.423 / (44.423 + 718.791)) | / | (71.554 / (71.554 + 397.224)) |
| = | 0.058205 | / | 0.152639 |
| | = | 0.3813 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (385.025 / 251.455) | / | (1429.799 / 477.706) |
| = | 1.531188 | / | 2.993052 |
| | = | 0.5116 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((221.835 + 163.86) / 1665.342) | / | ((413.256 + 172.962) / 2539.321) |
| = | 0.231601 | / | 0.230856 |
| | = | 1.0032 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (-892.869 - -181.868 | - | -295.5) | / | 1665.342 |
| | = | -0.249499 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Ginkgo Bioworks Holdings has a M-score of -4.42 suggests that the company is unlikely to be a manipulator.
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